the decline. Coal-mining firms were also hit hard in 2014, and the fund held positions in Walter Energy WLT and ArchCoalACI that also detracted from returns. Hotchkis & Wiley High Yield HWHIX maintained a neutral position in energy relative

then stood by his materials positions and began buying or adding to energy stocks, especially coal producers such as ArchCoalACI and Peabody Energy BTU that were enjoying higher sales as Chinese demand surged. While some of those holdings cooled

ArchCoal reported full-year 2013 results with adjusted ..... outlook for 2014 looks promising and think Arch has been making the right moves to set itself ..... long-term forecast. On the other hand, Arch believes the U.S. thermal coal market is

ArchCoal commented on its fourth-quarter production ..... in an undisclosed increase in unit costs. Arch expects most of this volume to be made up ..... amount of leverage compared with its peers, Arch faces more risk of problems like these with

and no exposure to Appalachia. Given exposure to Appalachia (in spite of Arch ’s second-largest position in the Powder River Basin), we are less excited for ArchCoal . With Consol Energy’s sale of five West Virginia longwall coal mines